Namibian President Signs Crypto Exchange Regulation Bill Into Law

The Namibian government has greenlighted a Namibia Virtual Assets Act 2023 regulation into law. The bill was enforced into law on July 14 after President Hage Geingob issued his final assent.

Consecutively the bill has undergone various legislative processes before the presidential assent. On July 6, the members of the Namibian National Assembly reviewed and approved the bill.

The drafted regulation was later submitted to President Geingob for approval. Guided by the Namibian law-making process, the legislators have officially published the approved legislation in the Gazette of Namibia. 

Even though the bill has completed the legislative approval process in Namibia, the Ministry of Finance has complete authority to schedule the dates to implement the new law.

Summary of Namibia Virtual Assets Act 2023 

Under the bill, President Geingob has granted the regulatory authority power to monitor the operation of local crypto exchanges. The new legislation outlines the procedure for regulating crypto activities in Namibia. 

The new regulation highlights the punitive measure the regulators will take to ensure compliance. The new rule mentioned that non-compliant virtual asset service providers (VASP) will face legal action.

According to the bill, non-compliant VASPs will be required to settle a penalty totaling $671000. Depending on the case’s complexity, the VASPs caught in wrongdoing will be placed behind bars for ten years.

In addition, the new legislation grants the Bank of Namibia the legal authority to ensure crypto assets will not be legal tender.

Namibia Amends Laws on Crypto Assets

In 2017 the Namibia government restricted the use of digital assets in the country. Reflecting on the Namibia Exchange Act of 1966, the authority banned the use of cryptocurrency in payment. At that time, the regulator declared that any individual or entity engaging in crypto-related activity would face legal action for violating the old-decade laws.

With the growing interest in crypto assets, the Bank of Namibia agreed to revise the old law in 2018. The bank formulated a proposal on the need to introduce crypto assets to the traditional finance market.

In the proposal, the bank recommended the introduction of digital ledger technologies and crypto to the conventional finance sector. Also, the bank advised the government to invest in creating awareness to the community on the benefits of adopting emerging technologies such as blockchain and crypto.

The bank submission was supported by other regulatory agencies reversing the country’s anti-crypto stance.

Race to Regulate Crypto Assets

The implicit move made by Namibia to push for mainstream adoption of crypto by creating friendly policies has inspired other African countries.

At the beginning of July, South Africa’s government imposed new regulations requiring the local exchanges to seek licenses. An official publication issued on July 5 illustrated that all crypto exchanges in South Africa should be licensed before December this year.

After the deadline, the South African government pledged legal action against non-compliant exchanges.

The South African move mirrors the regulatory actions taken by Botswana, Kenya, Seychelles, and Mauritius to regulate crypto assets. A few months ago, the Central African Republic (CAR) accepted Bitcoin as legal tender.

However, as Namibia joins others in the ongoing push for crypto adoption, other African countries impose restrictive measures on crypto assets. Recent research by the International Monetary Fund (IMF) revealed that Congo, Tanzania, Zimbabwe, and Sierra Leone are enforcing laws to ban crypto.

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Bitget Rebrands to Bring Customers Smarter Trading

Top crypto derivatives and copy trading platform Bitget has announced its rebranding, to focus on strengthening its position as a leader in innovative trading products. The initiative tagged “Trade Smarter” aims to empower individuals with intuitive tools for a secure, user-friendly, and efficient financial future.

In a blog post, Bitget said it has always encouraged more people to enter crypto and take advantage of its potential to create a better life. However, the process isn’t as easy as it sounds, since it requires knowledge and experience. Processes such as trading have also evolved with the growing crypto industry, making it more difficult than ever for beginners to enter the space.

Although Bitget has done its part in educating the public, that isn’t enough to enable beginners smoothly navigate the crypto industry, causing many to give up altogether or lose their investments. This necessitated the copy trading initiative which the exchange is known for currently.

However, this isn’t enough, so Bitget is launching a copy trading community while leveraging AI to help members trade smarter.

“Starting today, “Trade smarter” will be Bitget’s new brand tagline. Together with our users, we will continue to BUIDL the world’s largest crypto copy trading community, leveraging new technologies such as AI to help every member of the community trade smarter,” Bitget wrote in a blog post on Tuesday July 25.

Simplifying trading

In addition to building a vibrant copy trading community to help beginners trade smarter, Bitget says it is also rebranding its visual identity. This will streamline trading and make it more simple and efficient.

The exchange says it is adopting a “subtractive” approach by taking out some features to make the user interface simpler.

“The same idea also applied to our brand’s visual design, we adopted a “subtractive ” approach. The first element to be “subtracted” is the “tails” in Bitget’s iconic arrow logo,” the exchange wrote in the blog post. “The simplified graphic emphasizes a sense of “direction”. Whether it is copy trading today or AI-assisted intelligent trading in the future, our goal is to help users find their own trading direction that aligns with their investment goals,” it further stated.

Bitget has already applied the new design to its homepage, and will be placing it across pages of the official website, Bitget App, and various external brand displays over the next six months.

“We believe that the new visual language, with its eye-catching color combo and streamlined interactive interface, will provide users with a safer, easier, and more efficient crypto trading experience,” it wrote.

About Bitget

Bitget is a leading derivatives trading exchange with headquarters in Seychelles. The exchange currently serves over 20 million users, and will be turning five in September this year. At the core of the rebranding is the exchange’s commitment to serving its customers better.

Bitget lists three areas of commitment towards offering better services. These include prioritizing customer satisfaction, being transparent in its dealings, and turning wins into “win-wins” for the exchange, customers, and those it enters into partnerships with.

“Get ready to experience the revamped Bitget and join us in an exciting new chapter, where we’ll be helping even more people make the most of our services and trade smarter together!,” Bitget’s managing director Gracy Chen said in the blog post.

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Republic of Palau Launches Stablecoin in Partnership with Ripple

The Republic of Palau has launched a stablecoin, Palau Stablecoin (PSC) in collaboration with Ripple. The Director of Palau’s Digital Residency Program and a member of Palau’s Ministry of Finance, Jay Hunter Anson made the announcement on Twitter.

According to Anson, the first PSC has already been minted, which Representatives from both the Palau National Treasury and Ripple came together at Palau’s National Capitol in Ngerulmud to celebrate.

Speaking on the importance of the launch, Anson said it was a crucial step in their joint exploration of the stablecoin’s potential use cases within Palau.

“The PSC launch is an important milestone in our collaboration with Ripple as we work together to explore the possibilities of this stablecoin in specific use cases within our country. We have received explicit approval from the Palau Congress, giving the PSC pilot program an official stamp of legitimacy.”

The Republic of Palau has been working on a stablecoin project since December last year, which is a digital currency issued and managed by the Palau Ministry of Finance and fully backed by U.S. dollar cash balances. Users will hold the PSC in a digital wallet and can use it as fiat currency since it is not as volatile as conventional cryptocurrencies.

The government called for volunteers for the pilot of the stablecoin in March this year, in partnership with Ripple Labs. The essence was to explore the feasibility and benefits of the stablecoin – a U.S. dollar-backed digital currency program using the XRP Ledger, and now it is a reality.

PSC to solve financial challenges

The government of Palau started the stablecoin project to address the country’s unique financial challenges. Specifically, PSC will reduce payment cost and increase access to financial services among citizens. This will cover unbanked communities as well as different socio-economic groups.

The stablecoin will run on XRP Ledger (XRPL), and was taken through a carefully designed process to ensure maximum efficiency. According to Anson, the pilot tests shed light on the stability and usability of the Palau Stablecoin before considering its potential public release.

“Our controlled pilot tests have been enlightening, and we are optimistic about the potential impact of the Palau Stablecoin on our nation’s economy,” Anson stated.

Volunteers are already participating in the pilot, with videos showing citizens using the stablecoin for payment at selected vendors who confirmed the promptness of payment.

A big move for Palau

Palau is an island state in Oceania. Because it doesn’t have a functioning central bank, it has till this day depended on the U.S. Dollar as the medium of exchange in the whole country.

However, payments with USD may be more expensive and not as fast or accessible as a stablecoin, hence the need to develop PSC in collaboration with Ripple.

The creation of PSC therefore is a significant achievement for the national stablecoin initiative which the country’s president describes as a “step towards our own central bank digital currency.”

News of implementation of the stablecoin pilot has gotten the attention of the Ripple/XRP community, but a joint official press release on the event by Ripple and the Palau government is to be held on July 27 at 9:00 AM in Ngerulmud, Palau. It’ll be interesting to see how XRP price responds to this development.

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Connext Launches Cross-Chain Token Standard to Address Losses from Bridge Hack

Connext, the leading cross-chain bridging platform in Oakland, California, has rolled out a new token dubbed “xERC-20” to address any cyber-related crime, such as malicious attacks on bridges. 

An announcement conveyed by Connext on July 24 outlines the features of the “xERC-20” token. The report illustrated that the token issuers of “xERC-20” can maintain a list of official bridges on the platform.

Connext Seeks to Address Bridge Attacks

Additionally, the token issuers can control the number of tokens minted on the network. The announcement revealed that the “xERC-20” token will be available on Alchemix Finance, a decentralized finance (DeFi) platform on the Connext protocol.

Initially, the Ethereum Improvement Proposal (EIP- 7281) was proposed by the founder of Connext, Arjuan Bhuptani, to prevent the recurrence of the Multichain hack.

On July 7, assets worth over $100 million were withdrawn from the Multichain bridging platform. After probing the matter, the Multichain team confessed that lousy actors had gained unauthorized access to the company system withdrawing funds worth millions.

Therefore to prevent bridge attacks, Bhuptani co-formulated the EIP- 7281 proposal outlining the process of standardizing tokens and improving the bridging on the network.

In his proposal, Bhuptani explained that launching “xERC-20” will help address the losses of assets caused by bridge hacks. The executive mentioned that the token issuer will be the only one affected in case of a bridge hack.

He added that each bridge will generate a unique version of the token on the network. The development led by Bhuptani outlines the new standards that tokens will be minted on their respective bridges.

Overview of the Ethereum Improvement Proposal

In the primary minting process, the token issuer is required to allow the minting of the token on the smart contract. The development of “xERC-20” mandates the token issuer to control the number of tokens minted on a specific bridge.

Beyond this, the EIP-7281 proposal stated that bridges would be allowed to mint their distinctive version of their token. This derivative token minted on the bridges will not be grouped as “canonical” coins.

However the proposed minting process on the bridges, aims to reduce the issuance of unofficial versions of tokens.

According to Bhuptani, the EIP-7281 development ensures the DeFi platforms remain safe and secure from bridge attacks. Describing the benefits of EIP-7281, Bhuptani confirmed that the token issuer is at risk of losses if a bridge attack occurs. He added that the bridge hack would not affect the end user.

Reflecting on the requirement for the approval of the EIP proposal, Bhuptani confirmed that the EIP editorial team had greenlighted the EIP-7281 project. He claimed that the approval process for EIP takes months.

In a recent update, the token issuer will launch Connext standard token before the final approval. At this stage, the user can provide valuable insights concerning the new token and any necessary development would be required on the EIP-7281. 

Commenting on this, the Connext team announced that the token standard would be forward-compatible with the official coin version. This will prevent vulnerable bridges with security problems from being misused.

Furthermore, developing the new token creates a friendly environment to encourage the token issuers to upgrade their supported bridges according to their preference. This development aims to improve the bridge’s security and the quality of the services. 

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Ethereum Co-Founder Vitalik Buterin Points Out Issues with Newly Launched Worldcoin

The long awaited Worldcoin from the CEO of OpenAI Sam Altman was finally released today. Many top crypto exchanges have already listed the new cryptocurrency, making the price soar to 90%. However Ethereum Co-founder Vitalik Buterin has some reservations concerning the new coin.

In a blog post earlier today, buterin who is also the chief executive officer (CEO) of Ethereum said there are four major risks associated with the biometric-based proof-of-personhood (PoP) system used by Worldcoin.

His main concerns were in the area of privacy, accessibility, centralization and security, which are all critical metrics anyone using a cryptocurrency would need to be aware of. Buterin proposed combining the use of social-graph and biometric techniques to mitigate these risks.

For those not familiar with it, PoP is a system designed to authenticate the uniqueness of a user in a decentralized way without relying on a central authority or revealing personal information. The system has many applications, including Sybil attack prevention by curbing multiple account creation, event tickets, airdrops and DAO voting.

Risks in Worldcoin

Indeed, the technology used in building Worldcoin has many applications. However, Buterin sees some major risks in the use of this technology for a cryptocurrency like Worldcoin, and highlighted those concerns.

For example, according to him, the use of iris scanning raises substantial privacy concerns as there is an inherent risk of identity-related information being misused or leaked, Buterin said.

“At the very least, if someone else scans your iris, they can check it against the database to determine whether or not you have a World ID. Potentially, iris scans might reveal more information,” Buterin said.

Another major concern Buterin pointed out is the lack of accessibility. Worldcoin can only be accessed by anyone if they visit an Orb. This limits access to the coin if enough Orbs are not created to ensure everyone can easily access one, and can potentially be a major setback.

In this case, there may be more Orbs in urban areas, limiting access to rural dwellers which is contrary to the goal of cryptocurrencies. Worldcoin however says it uses phone number verification in place of the Orb biometric imaging device.

Another risk according to Buterin is that of centralization. He said Worldcoin’s Orb hardware device may have backdoors that could cause decentralization. He also stated that Worldcoin’s governance and proprietary algorithms are further centralization concerns.

The last concern raised by Buterin was that of security of the system. He mentioned risks such as Phone hacking, coercion into scanning irises for someone else, selling or renting IDs and 3D-printed “fake people” used to dupe the scan for World IDs as some of such risks.

Buterin applauds PoP

In spite of all the concerns raised by the Ethereum CEO, he also acknowledged that the idea of proof-of-personhood in itself is a good one. He said the world needs a PoP system, or it will be dominated by “centralized identity solutions, money, small closed communities or some combination of all three.”

“I look forward to seeing more progress on all types of proof of personhood, and hopefully seeing the different approaches eventually come together into a coherent whole,” Buterin said.

He said if social-graph-based, general-hardware biometric and specialized-hardware biometric techniques are combined and used together, they can greatly reduce these risks, making Worldcoin a better crypto project.

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President Putin Signs Digital Rubles Bill Into Law

An official publication issued by the government of Russia revealed that President Vladimir Putin had green-lighted the bill on central bank digital currency (CBDC). The report illustrated that President Putin signed the bill into law on Monday, July 24.

The presidential assent gives the authority the power to continue developing the digital ruble. This implies that the regulators can proceed with CBDC pilot tests for the digital ruble from August 1.

President Putin Signs CBDC Bill

Initially, the policymakers had projected that the digital ruble pilot trials would launch in April. The projection failed to materialize after Gazprombank, one of its partners , advised the apex bank to delay the rollout of CBDC to avoid loss of substantial income.

At that time, the bank had signed a partnership agreement with 13 Russian banks, including Sberbank. Also, the bank planned to collaborate with payment platforms, including Mastercard, Visa, and Mir.

A scrutiny bill on CBDC highlighted the fundamental principles for introducing the digital ruble in Russia. With presidential consent, the regulatory agency will enforce the rule into law except for one ordinance captured in Article 3 of the bill. Under this section, the regulator will enforce the amended federal rules in August 2024.

The bill grants the central bank of Russia complete authority to oversee the development of digital ruble infrastructures. The bank will ensure the user assets are secure and will be accountable for all the stored digital assets.

Features of Russian Digital Ruble

Beyond this, the digital ruble provides users with a convenient method to make payments and transfer funds. The digital ruble will be classified as the third type of money close after cash and non-cash assets.

However, the central bank will prohibit using digital rubles in investment projects. Based on the new legislation, the digital ruble will not be used in acquiring loans to create bank accounts.

Additionally, the bill restricts the use of “digital ruble” in any promotion activities carried out by non-operators of the CBDC. The restrictive measure aims at enabling the authority to implement the digital ruble within the Russian territories.

An announcement from the central bank governor Elvira Nabiullina dated July 24, stressed that using digital rubles would be voluntary. The executive affirmed that the authority will not force anyone to use the digital ruble.

The 59-year-old policymaker confirmed the digital ruble would provide Russians and investors with a convenient and cost-friendly payment method. She projects that the endless benefits of the digital ruble will inspire the public to adopt the CBDC. The executive encouraged the Russians to take advantage of the opportunities provided by the CBDC.

Russian Set to Start CBDC Trials Next Month

Elsewhere the deputy governor of the Bank of Russia, Olga Skorobogatova, projected that Russia will experience slow mass adoption of the digital ruble before 2025 until late 2027.

Even though the launching of the CBDC has faced a series of delays, the bill has completed the legislative approval process. Before the Presidential assent, the bill was approved by the highest legislative body State Duma a few days ago. Reportedly members of the federation council approved the bill in early July.

A report from the chairman of the Federation Council, Nikolay Zhuravlev, revealed that adopting emerging technologies such as blockchain and crypto will position Russia in a significant place in international trade. The executive urged the regulators to leverage advanced technology to develop financial tools that can function independently.

Editorial credit: 279photo Studio / Shutterstock.com

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Ripple Seeks for Crypto License from United Kingdom Regulators

As Ripple triumphs over the partial win against the US Securities and Exchange Commission (SEC), the payment network plans to expand to the UK. In an exclusive interview with the DL News, Ripple’s managing director, Sendi Young, confirmed that the payment company had submitted its registration for a license to the Financial Conduct Authority (FCA).

The executive mentioned that Ripple is seeking for crypto asset license from the FCA. Subsequently, the official confessed that Ripple plans operate as a regulated payment platform in Ireland. Young added that Ripple is also seeking an Irish payment institution license.

Ripple Applies for Crypto License

Referring to the court judgment summary issued by Judge Analisa Torres, the decision has cemented Ripple’s market value at a significant point to blossom. In a recent report, Ripple’s native token, XRP, surged by 60% following the court verdict. 

According to Judge Torres’ ruling, XRP was considered not a security. Addressing the interview question concerning the court judgment, Young expressed delight that the ruling was a huge win.

She anticipates that the court decision will propel the firm to expand its brand value in the US. Besides being well-positioned in the US, Young confessed that the firm will continue hiring in the UK.

She mentioned that the Ripple team has structured strategies and growth plans critical for its expansion to the UK. The executive announced that the firm has started registering for the crypto asset license to operate in the UK.

Additionally Young confessed that Ripple seeks a payment license to enter the Ireland market. She stated that Ripple had accumulated massive investments that triggered the firm to grow exponentially.

Ripple Reveal its Expansion Plans

A reporter from the DL News requested Young to disclose the Ripple growth plans for the UK and Europe markets. Responding to the query, Young affirmed that the firm will recruit new talents in the region. The hiring process might not abide by Ripple’s core mission since the firm plans to recruit more than the expected number.

Even though Young failed to provide further information concerning Ripple’s expected growth plans, she confirmed that the firm would increase its headcount. A revisit of a recent report depicted that for the last 18 months, Ripple increased UK and European staff by 75%. The statistic indicated that Ripple had hired 100 to 900 global talents at London, Iceland, Dublin, and Reykjavik offices.

Young was pleased to see the positive growth momentum for crypto in the UK. She recounted that the UK had promised to become an international crypto hub. With the commendable achievement, Young anticipates that the UK will become an investment center for crypto assets.

In a previous announcement, the chief executive of Ripple, Brad Garlinghouse, had revealed plans to flee the US market due to regulatory pressure. The CEO stated that the payment company will seek a suitable market overseas if the court ruling does not favor Ripple.

Overview of Court Judgement on Ripple Vs SEC Case

A review of the court judgment revealed that Ripple and SEC will undergo further trial. The interviewer expressed concern about the final court outcome. In his inquiry, he asked whether Ripple would exit the US if the court reversed the winning after the trial.

Young responded that most crypto firms have expanded outside the US for the last two years after SEC filed a lawsuit against Ripple. She confirmed that the payment company had not changed its stance on the US as its international hub. The executive anticipates that the US will attract more growth and investment after the court ruling. 

In the meantime, Ripple has set up 15 shops in different jurisdictions worldwide. Before the SEC filing, Ripple had established a significant investment attracting larger clientele. Irrespective of this, Young claimed that Ripple has been seeking opportunities to meet the market demand. She confessed that APAC and EMEA regions provide a strong market for Ripple. 

In her concluding remarks, Young slammed the enforcement approach adopted by the SEC. She stated that the SEC regulatory mechanism has deemed innovation in the crypto sector. Furthermore, she stated that SEC regulatory gaps have challenged the UK and EU to adopt favorable policies to attract more investment.

Editorial credit: Ira Lichi / Shutterstock.com

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